2 a) Derive total cost function from the
given marginal cost function and total
cost
fixed
C”(Q) = 3 x-4
when TFC=100
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Answer:
Marginal cost is the derivative of the cost function, so take the derivative and evaluate it at x = 100. Thus, the marginal cost at x = 100 is $15 — this is the approximate cost of producing the 101st widget.
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